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REGISTERED NUMBER: 01768922 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

P. J. JOHNSON & COMPANY (TIMBER) LIMITED

P. J. JOHNSON & COMPANY (TIMBER) LIMITED (REGISTERED NUMBER: 01768922)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P. J. JOHNSON & COMPANY (TIMBER) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Christopher Johnson
Paul Langley





SECRETARY: Christopher Johnson





REGISTERED OFFICE: Johnson House
Alpha Road off East Duck Lees Lane
Enfield
Middlesex
EN3 7SR





REGISTERED NUMBER: 01768922 (England and Wales)





ACCOUNTANTS: Defries Weiss (Accountants) Limited
1 Bridge Lane
London
NW11 0EA

P. J. JOHNSON & COMPANY (TIMBER) LIMITED (REGISTERED NUMBER: 01768922)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 78,848 104,513

CURRENT ASSETS
Stocks 118,265 135,147
Debtors 5 698,299 714,197
Cash at bank 68,365 18,743
884,929 868,087
CREDITORS
Amounts falling due within one year 6 595,739 613,730
NET CURRENT ASSETS 289,190 254,357
TOTAL ASSETS LESS CURRENT
LIABILITIES

368,038

358,870

CREDITORS
Amounts falling due after more than one
year

7

(21,664

)

(26,458

)

PROVISIONS FOR LIABILITIES (19,712 ) (19,858 )
NET ASSETS 326,662 312,554

CAPITAL AND RESERVES
Called up share capital 105 105
Retained earnings 326,557 312,449
SHAREHOLDERS' FUNDS 326,662 312,554

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

P. J. JOHNSON & COMPANY (TIMBER) LIMITED (REGISTERED NUMBER: 01768922)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by:





Christopher Johnson - Director


P. J. JOHNSON & COMPANY (TIMBER) LIMITED (REGISTERED NUMBER: 01768922)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

P. J. Johnson and Company (Timber) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery15% on reducing balance
Fixtures and fittings15% on reducing balance
Motor vehicle25% on reducing balance
Computer equipment33.33% on reducing balance
Improvements to property4 years on straight line

Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and accounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

P. J. JOHNSON & COMPANY (TIMBER) LIMITED (REGISTERED NUMBER: 01768922)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Pension costs
Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Operating leases
Rentals payable under operating leases are charged to the profit and loss account on an accruals basis.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 419,058
DEPRECIATION
At 1 March 2022 314,545
Charge for year 25,665
At 28 February 2023 340,210
NET BOOK VALUE
At 28 February 2023 78,848
At 28 February 2022 104,513

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 125,097
DEPRECIATION
At 1 March 2022 58,984
Charge for year 16,529
At 28 February 2023 75,513
NET BOOK VALUE
At 28 February 2023 49,584
At 28 February 2022 66,113

P. J. JOHNSON & COMPANY (TIMBER) LIMITED (REGISTERED NUMBER: 01768922)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 329,712 437,647
Other debtors 368,587 276,550
698,299 714,197

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 4,794 4,794
Trade creditors 236,667 280,932
Amounts owed to related parties 148,173 168,173
Taxation and social security 131,985 96,234
Other creditors 74,120 63,597
595,739 613,730

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 21,664 26,458

8. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Hire purchase contracts 26,458 31,252

The hire purchase liability is secured on the motor vehicle purchased during the year.


9. FINANCIAL COMMITMENTS

At the balance sheet date, the company was committed to payments of £nil (2022: £50,000) in respect of land and buildings under a lease that expired on 31 October 2022 of which £nil (2022: £50,000) was due within one year.
The company was also committed to payments of £55,618 (2022: £49,486) in respect of a motor vehicle under lease expiring on 31 December 2025 of which £14,200 (2022: £12,909) was due within one year.


10. RELATED PARTY DISCLOSURES

Other debtors in note 5 include a loan of £256,410 (2022: £192,098) to the director, Christopher Johnson. This loan is governed at arm's length by a formal loan agreement, and interest is charged at 3% per annum. The maximum balance on the loan account at any time during the year was £256,410.